Repower breaks ground on P6.3-B hydropower project in Bukidnon
REPOWER Energy Development Corp. (REDC) has started construction of its P6.3-billion hydropower facility in Bukidnon after acquiring a majority stake in the project.
In a disclosure on Tuesday, REDC said its subsidiary Maramag Hydropower Corp. broke ground on the 25-megawatt (MW) Pulangi IV Hydropower Project.
“This groundbreaking represents the start of our second of several hydropower projects here, which will not only contribute clean and reliable energy to the Mindanao grid but also support long-term regional development in line with national energy goals,” REDC President Eric Y. Roxas said.
REDC recently acquired a 95% stake in Maramag, the developer of the project.
The facility will use the downstream portion of the Pulangi River, the same river system that powers Repower’s recently commissioned upstream hydropower plant.
Once operational, the project is expected to boost Mindanao’s renewable energy capacity while providing stable and sustainable power to nearby communities.
Repower has allocated P10.3 billion for the rollout of four hydropower facilities in the pipeline.
The company is also developing the 4.5-MW Piapi hydropower project in Quezon province, with commercial operations targeted by the end of 2027.
REDC is a subsidiary of Pure Energy Holdings Corp., which plans to expand its footprint through both greenfield developments and acquisitions of existing plants.
For the nine months ending September, REDC posted a 42% year-on-year increase in net income to P167 million, while revenues rose 33% to P526.7 million. — Sheldeen Joy Talavera
You May Also Like
US-based Nicholas Financial plans to launch a Bitcoin ETF, which will avoid US trading hours.
Trading time: Tonight, the US GDP and the upcoming non-farm data will become the market focus. Institutions are bullish on BTC to $120,000 in the second quarter.
